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Sapphire Update, out-of-business (Stinson)

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Re: Hah!

Just watch. If Harry fails it will be because Toronto is a "pathetic backwater of a city" :rolleyes Or something else along those lines.
 
Re: Hah!

He'll sell you a unit at half-price, but the cash goes into the pot, secured against the property

Actually this was offered at 1 King as well I believe. A pretty good deal if you participated at 1 King.
 
Re: Hah!

Am I the only one that caught this?:

"Now only Mr. Stinson's investors will have a chance to complain. He estimates that the cost of buying back memberships will be more than $1-million.

"We're having to go and borrow it," he said."


Is he saying that he doesn't even have a million on hand to buy back the memberships? What kind of large-scale real estate developer doesn't have ready access to that sort of money?
 
Re: Hah!

What kind of large-scale real estate developer doesn't have ready access to that sort of money?

Harry Stinson is not a large-scale real estate developer.
 
Re: Hah!

If Harry Stinson is trying to vend this property as another investment opportunity and is openly admitting he needs to borrow funds to pay back un-happy clientele this does nothing to instill confidence in existing or possible future Sapphire purchasers. Big or small developer $1,000,000 these days isn’t that tough to come up with when dealing with projects of this size. Being this open about the fiascos of the 1 King West Property will only damage his reputation further.

If these investments properties are so good, then what’s with the constant lack of funds with this guy?
 
Re: Hah!

He really miscalculated in trying to make the club both an upscale destination and something for everyone.

He should've made the membership substantially lower and tried to appeal to a much wider demographic.

As usual, Stinson did himself in...not the mundane city of Toronto nor democracy. :p
 
Re: Hah!

I have an idea for a new tourist attraction - the Stinson Museum of Bad and Failed Ideas.
 
Re: Hah!

"Now only Mr. Stinson's investors will have a chance to complain. He estimates that the cost of buying back memberships will be more than $1-million.

"We're having to go and borrow it," he said."

This is truly disturbing. For me, perhaps the lowlight of the entire article.
 
Re: Hah!

Toronto is a "pathetic backwater of a city"

.... because they wouldn't buy my oh so slick sales pitch. I even wrote the whole damn website myself.

snakeoil_1.jpg



ON A HAPPIER NOTE: there is some good news. I heard on the grapevine that every Tuesday night you can now catch award-winning TV commercials at the (groan) Dominion Club (bored).
 
Re: Hah!

Why not just market a condo project that appeals to buyers in a certain market and stop with the grousing? Surely he can do that?
 
Re: Hah!

Fantastic looking building- a gleaming sapphire shard. Glad to see that Mr. Stinson is keeping up the fight. At least someone knows what is good for the city.
 
Re: Hah!

Actually this was offered at 1 King as well I believe. A pretty good deal if you participated at 1 King.

That same deal at King and Yonge was more worth the risk, especially considering there was a cash infusion from another major investor.

But Stinson's track record lately, combined with his public comments about City Council (and the city in general), plus the fact this Sapphire thing has been launched and re-launched a bunch of times, would give any potential investor serious doubts about the projected rate of return Stinson is suggesting.

By the way, is there a new render around? The Sapphire Tower website is blank.
 
Re: Hah!

www.thestar.com/NASApp/cs...8617412066

Favourite food truck put on ice
Sep. 19, 2006. 05:50 AM
ISABEL TEOTONIO
STAFF REPORTER

"Thank you," chimed James Vavaroutsos, poking his head out the serving window of his ice cream truck, while handing vanilla cones to two women yesterday.
Wearing a crisp white server's jacket and an oversized, puffy chef's hat, he elicited smiles from the faces of those lined up by Mister Softee Treats. And these days, it seems, he's evoking more than just smiles.
"Look," said the 67-year-old known to his customers as "Jimmy" as he peered down at the three toonies in his palm. "They left me a $2.50 tip. They must feel sorry for me. They must know."
It's not surprising they knew — after all, there was a petition with the heading "Please Help Us" next to the window.
The petition is to save "Jimmy" from eviction and keep the two food trucks he operates during lunch on a tiny, but bustling street in the heart of the financial district, continually churning out cheap, delicious fare.
Parked on Melinda St., next to Commerce Court, his colourful trucks have become something of an institution. He's been selling ice cream out of one since 1976 and burgers, sausages and French fries out of the other since 1979.
But a recent addition to the area — a hotel/condominium by high-profile developer Harry Stinson — means it isn't business as usual for Vavaroutsos.
The city now wants to revoke his vending permits in order to change Melinda St. and adjacent Jordan St. from one-way streets into two-way thoroughfares.
Jordan St. currently runs one-way southbound from King St. to Melinda St., while Melinda St. runs eastbound to Yonge St. The proposed change is being made to accommodate increased traffic because of the hotel.
And the extra traffic means Vavaroutsos will have to close shop.
"Jimmy's been serving this community for 30 years and for the city to turn around and say, `He's gotta go,' makes no sense," said Maurizio Arani, a five-year regular of "Jimmy's" who signed the petition yesterday.
"I don't think it makes any sense to turn these into two-way streets because they'll be more congested," said Arani, pointing to a long lineup of illegally parked courier and delivery trucks blocking both streets.
"It's not fair that a small guy like this is being shipped out because the big guys are moving in," he said motioning toward One King West, a hotel/condominium located at the corner of Yonge St. and King St. W.
It's true the proposed change in street direction was made by management of One King West in order to facilitate guests and residents arriving there by car. But, they say have no beef with Vavaroutsos or his burgers, and say they're not trying to squeeze him out.
Management of the eighth largest hotel in the city simply want to improve car access to the famed 51-storey highrise, considered to be the narrowest building in the world.
Because the building's parking lot and its main vehicle entrance are located at the south side and accessible only through Melinda St., the only way to get there by car is off King St. W., down Jordan St. and across Melinda St.
But, if Melinda were a two-way street, drivers could get there more easily, and directly, from Yonge St., explained Stinson, whose company manages the tower, built atop the old headquarters of the Dominion Bank.
"There are 572 suites that are all being used — this is probably one of the most active buildings in the city," said Stinson, who described it as "running 24 hours a day, seven days a week" and needing to be accessible at all times.
And since there's only one way to access the building by car, there have been "umpteen times" that reception has been flooded with calls from people wondering how to get there because of street closures resulting from a parade, a run or a movie shoot.
Until the last few years, couriers and delivery trucks wanting to access Commerce Court primarily used Melinda and Jordan Streets, but since the hotel opened its doors in August 2005 their capability to handle regular traffic have come under heavy scrutiny.
"The weaknesses weren't really noticeable when there really wasn't much use of the street and now there's significant use of the street," explained Stinson.
The demand for greater road access isn't driven by the residents of the building — most of who walk everywhere — but by the hotel guests, he said. It may be one of the easiest addresses in the city to get to, but it's probably the hardest to access by car.
For now, it's uncertain what direction the future of the hotel or Vavaroutsos' food trucks are headed in. The issue is scheduled to be debated by Toronto and East York Community Council on Thursday.
However, councillor Pam McConnell said yesterday it seems like there's little option but to move forth and convert both streets.
If Vavaroutsos's vending permits for that location are revoked, he will be given preferential treatment and allowed to move to another downtown location, she said. Currently, there's a bylaw prohibiting more vendors into the downtown core.
"I don't know what will happen to me," said Vavaroutsos, adding he worries about having to start fresh and build up a new clientele. "I had hoped to do this for as long as I can stand on my two feet. Now, I don't know."
 
Re: Hah!

"this is probably one of the most active buildings in the city," said Stinson

:lol :rollin
 
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